Why Do Property Owners File Partition Actions?

When co-owners of a property cannot agree on how or when to sell their premises, a partition action is sometimes necessary. Partition actions force the sale of the premises. Or less commonly, if the property type allows for it, the property can be divided into different sections, giving one co-owner control over part of the premises and giving the other control over the remaining property. Partition actions are typically used as a last resort, but there are several reasons property owners may choose to pursue them. Below, our New Port Richey partition lawyer explains further.

Relationship Problems

 Partition actions may arise in certain relationships. These are as follows:

• Married spouses: Married spouses can pursue partition actions, but this is most common when people are getting a divorce and cannot agree on what to do with a property. In these cases, the family court may order the sale of the property and oversee the sale.
• Non-married couples: When couples are not married but they purchase a home together, the divorce process is not available to settle their differences. If a buyout or another arrangement is not possible, then one of the co-owners can use a partition action to force the sale of the property.

Investment Issues

 It is not uncommon, in Florida particularly, for people to purchase a home as an investment property. Investors sometimes purchase a home with the intent to sell it at a later date, often after they have completed renovations on the property. If a property is owned by co-investors and they cannot agree on how to renovate the property, or on how to use it, then they may need to use partition as a way to resolve the issue.

Disputes Regarding an Estate 

When an owner passes away, the owner often leaves the property to the owner’s children or other heirs as an inheritance. While the intention is good, many people do not want to take on the estate or property taxes associated with home ownership, particularly if they already have their own residence. If the heirs cannot agree on how or when to sell the home, a partition action may be necessary.

Alternatives to Partition Actions 

Often, co-owners will consider the possibility of a buy-out. This involves one co-owner buying out the other co-owner’s interest in the property. A buy-out is only possible when one owner wants to keep the property and has sufficient funds to buy the other out. If they do not have enough funds, they must be able to obtain a mortgage or other type of loan to buy out the other co-owner.

In some cases, co-owners agree to sell the property but there are other disputes, such as disagreeing on when to sell or how to handle the proceeds from the sale. In these cases, it is important they work with an attorney who can negotiate and help resolve the dispute.

Our Partition Lawyer in New Port Richey Can Advise On Your Case 

If you are involved in a property dispute and have to pursue or defend a partition action, you need legal advice. At Messina Law Group, P.A., our New Port Richey partition lawyer can provide it so you obtain the most favorable outcome possible. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to get the legal help you need.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0064/0064.html